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Yoav Lehman, Supervisor of Banks at the Bank of Israel, informed Stanley Fischer, Governor of the Bank of Israel, that he intends to resign. Lehman has served 28 years at the Bank of Israel, and has determined that he would like to join the private sector.

Stanley Fischer, the Governor of the Bank of Israel, accepted Lehman's resignation and thanked him for his work and contribution. He also asked Lehman to stay on until a replacement is named toward the end of the year.

About six months ago, TheMarker reported that Stanley Fischer was searching for a replacement for Lehman. Apparently it was felt that Lehman was spending too much time on monitoring bank fees and credit limits, in contrast to other areas that were deemed more important.

Fischer has denied searching for a replacement for Lehman, and has proclaimed his support for Lehman in a letter to Bank of Israel employees.

The position of Supervisor of Banks was offered about three years ago to Yossi Bachar, who is now the Director-General of the Ministry of Finance. Currently it appears that Lehman?s replacement will be sought in the private sector.

Lehman began serving as Supervisor of Banks in 1978. IN 1991 he was named as spokesman of the Bank of Israel and later served as an advisor to the Governor of the Bank of Israel. In 2003 he returned to the position of Supervisor of Banks. The position currently pays NIS 76,501 per month.

Lehman was involved in setting Israel's law against money laundering, and his work was instrumental in removing Israel from the "blacklist" in this area.